The price of gasoline products at the pumps will go up by P0.20 per liter starting this morning; and diesel by P0.05 per liter, according to the advisories sent by the oil companies.
The other key fuel commodity kerosene will also be increased by P0.45 per liter; and it will have the biggest adjustment so far this week.
As of press time, the oil companies that already sent notices on their price increases effective on Tuesday (September 29) had been: Pilipinas Shell Petroleum Corporation, Cleanfuel, PetroGazz and Unioil; while the rest of their industry competitors are anticipated to follow.
There had been uptrend in oil prices in the global market last week, hence, this is now reflected in the cost adjustments at the domestic pumps.
From the outcomes of last week’s trading, Brent and Dubai crudes were at the level of US$41 per barrel; and that was partly on account that the Organization of the Petroleum Exporting Countries (OPEC) had been requiring stricter adherence to the agreed production cuts.
In the coming weeks and months, the general sentiment is for prices to remain very volatile depending on the pace of recovery ushered in by economic re-opening of many countries despite the scourge of the lingering pandemic.